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Technical Analysis
Elliot Wave Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 107293, member: 37217"] [B]EUR/USD, GBP/USD break support lines and build wave-4 corrections[/B] EUR/USD 4 hour [IMG]https://s10.postimg.org/6jbj50ke1/08_08_2016eu4.png[/IMG] The EUR/USD seems to have completed a wave 2 (brown) correction but more bearish momentum is needed before this can be confirmed. 1 hour [IMG]https://s10.postimg.org/ox4bvuvl5/08_08_2016eu1.png[/IMG] The EUR/USD broke the support trend line (dotted green), which completed wave 5 (green) of wave 3 (blue). The current pullback is expected to turn at shallow Fibonacci levels of wave 4 (blue). GBP/USD 4 hour [IMG]https://s9.postimg.org/gngvpw3db/08_08_2016gu4.png[/IMG] The GBP/USD keeps pushing lower with lower lows and lower highs. The bearish breakout is part of a wave 3 (pink) of wave 5 (blue) unless price breaks above the resistance line (red). 1 hour [IMG]https://s10.postimg.org/rilnwguo9/08_08_2016gu1.png[/IMG] The GBP/USD completed a wave 4 (grey) pullback as expected and then broke support levels (dotted green) to complete wave 5 (grey) of wave 3 (blue). The 4 (blue) retracement is expected to stop at shallow Fibonacci levels. A break above the 61.8% makes the current wave count unlikely. USD/JPY 4 hour [IMG]https://s9.postimg.org/stx3g4ken/08_08_2016uj4.png[/IMG] The USD/JPY is respecting the 78.6% Fibonacci level by building a bullish channel, which could indicate the completion of wave X (brown). A bullish break above the resistance trend lines (orange/red) would confirm a larger uptrend, whereas a bearish break could price fall further to test the 100% Fibonacci level. 1 hour [IMG]https://s9.postimg.org/t4zps9wjj/08_08_2016uj1.png[/IMG] The USD/JPY has not been able to break above or below the channel (blue). The breakout direction will indicate the short-term trend. Follow [URL='https://twitter.com/ChrisSvorcik']@ChrisSvorcik[/URL] on twitter for latest market updates [/QUOTE]
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